The 50 Wealthiest Angelenos: Elon Musk

0

NET WORTH:

$5.7 billion 285%

LAST YEAR: $2 billion

AGE: 41

RESIDENCE: Bel Air

SOURCES OF WEALTH:

E-commerce, electric

vehicles, space exploration, solar power

THE MONEY: Tech entrepreneur vaulted to No. 3 this year from No. 24 last year on strength of phenomenal increases in value of shares of Tesla (up 320 percent in last year) and SolarCity (up 382 percent). Value of privately held SpaceX, of which Musk owns 60 percent, soared after Hawthorne company completed its first two successful rocket flights to International Space Station.

BUZZ: South Africa-born entrepreneur had a big year. SpaceX, which Musk initially funded with $100 million from his own pocket, docked the first private spacecraft at International Space Station in May. Musk, who made millions as co-founder of PayPal, is chief executive and head of technology at SpaceX while also running and leading design at Palo Alto’s Tesla. Electric car company, of which Musk owns 27 percent, came under fire early this year after scathing review in New York Times. Musk traded barbs with reviewer over accuracy of report, causing brief dip in Tesla shares. Stock rebounded after Musk tweeted about new financing plan for sedan. Net worth boost helped with public offering of San Mateo’s Solar City, co-founded by his cousins. As chairman, his 28 percent share of solar panel company worth $932 million. Musk, father of five, divorced second wife, actress Talulah Riley, in August. They reconciled a few months later. In December, Musk paid $17 million for six-bedroom mansion he had been renting in Bel Air. Property comes complete with 1,000-bottle wine cellar, two-story library, tennis court, pool and gym.

No posts to display